Find Related Questions by Tags, levels, etc.
You are the HR partner in Ekemode & Company (Chartered Accountants). As part of the continuous training program of your firm, you are to organize an in-house seminar to educate the staff of your firm on Rules of Professional Conduct. You have decided to emphasize the IFAC’s Code of Ethics for Professional Accountants published by the International Ethics Standard Board for Accountants (IESBA), which was recently adopted by ICAN into their localized code called “The Professional Code of Conduct and Guide for Members.”
Required:
a. Explain briefly the FIVE fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)
b. Explain independence of mind and independence of appearance to the staff. (5 Marks)
c. Explain briefly THREE general sources of threat to the fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)
(Total 20 Marks)
Find Related Questions by Tags, levels, etc.
The ICAN Professional Code of Conduct and Guide for Members requires every member or student of the Institute to always “act professionally” and in “the public interest” in the discharge of their responsibilities.
Required:
a. Explain “act professionally” in relation to the ICAN code. (1 Mark)
Find Related Questions by Tags, levels, etc.
Ade, Chika, Idris and company is an independent firm of Chartered Accountants. The firm intends to resign its appointment for non-payment of professional fees to it for some time by the management of Tisco Ventures Limited.
Required:
a. Explain other reasons that may cause a professional firm to resign from an audit engagement. (3 Marks)
b. Explain the procedures for the resignation of current auditors as per provision of company legislations. (10 Marks)
c. State the ethical position as stated in the ICAN code on another auditor taking up the appointment after the resignation of the current auditor applicable to this type of situation. (2 Marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
You are the HR partner in Ekemode & Company (Chartered Accountants). As part of the continuous training program of your firm, you are to organize an in-house seminar to educate the staff of your firm on Rules of Professional Conduct. You have decided to emphasize the IFAC’s Code of Ethics for Professional Accountants published by the International Ethics Standard Board for Accountants (IESBA), which was recently adopted by ICAN into their localized code called “The Professional Code of Conduct and Guide for Members.”
Required:
a. Explain briefly the FIVE fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)
b. Explain independence of mind and independence of appearance to the staff. (5 Marks)
c. Explain briefly THREE general sources of threat to the fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)
(Total 20 Marks)
Find Related Questions by Tags, levels, etc.
The ICAN Professional Code of Conduct and Guide for Members requires every member or student of the Institute to always “act professionally” and in “the public interest” in the discharge of their responsibilities.
Required:
a. Explain “act professionally” in relation to the ICAN code. (1 Mark)
Find Related Questions by Tags, levels, etc.
Ade, Chika, Idris and company is an independent firm of Chartered Accountants. The firm intends to resign its appointment for non-payment of professional fees to it for some time by the management of Tisco Ventures Limited.
Required:
a. Explain other reasons that may cause a professional firm to resign from an audit engagement. (3 Marks)
b. Explain the procedures for the resignation of current auditors as per provision of company legislations. (10 Marks)
c. State the ethical position as stated in the ICAN code on another auditor taking up the appointment after the resignation of the current auditor applicable to this type of situation. (2 Marks)
Find Related Questions by Tags, levels, etc.
Elevate your professional expertise across key business domains with our comprehensive training programs
Follow us on our social media and get daily updates.
This feature is only available in selected plans.
Click on the login button below to login if you’re already subscribed to a plan or click on the upgrade button below to upgrade your current plan.
If you’re not subscribed to a plan, click on the button below to choose a plan